Revision of fair rent.

(1) The fair rent may be revised only if there has been an increase or decrease in the market value of the premises. (2) Such revision shall be made on application made to the Rent Control Court either by the landlord or by the tenant, in the prescribed manner: Provided that no such application shall be entertained until after the expiry of a period of five years from the date on which fair rent was last fixed or from the commencement of this Act, as the case may be. (3) The rent of the premises payable for a year shall not be increased or decreased by revision by more than two-and-a-half per centum per annum of the difference between the market value of the premises on the date of the application under sub-S. (2) and the date of the last fixation of the fair rent or the commencement of this Act, as the case may be.